Quarterly report [Sections 13 or 15(d)]

Derivatives - Credit Derivatives (Details)

v3.25.3
Derivatives - Credit Derivatives (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Carrying Value of Credit Derivatives    
Total $ 303,500 $ 305,700
Carrying Value of Credit-related Notes    
Less than One Year 10 5
One to Three Years 1 5
Three to Five Years 27 46
Over Five Years 1,839 1,834
Total 1,877 1,890
Credit derivatives | Written credit derivatives:    
Carrying Value of Credit Derivatives    
Less than One Year 1,008 271
One to Three Years 210 307
Three to Five Years 795 776
Over Five Years 457 457
Total 2,470 1,811
Maximum Payout/Notional    
Less than One Year 165,449 127,507
One to Three Years 135,099 120,297
Three to Five Years 197,416 195,671
Over Five Years 64,234 26,051
Total 562,198 469,526
Credit default swaps: | Written credit derivatives:    
Carrying Value of Credit Derivatives    
Less than One Year 5 33
One to Three Years 151 307
Three to Five Years 720 776
Over Five Years 456 457
Total 1,332 1,573
Maximum Payout/Notional    
Less than One Year 61,037 50,704
One to Three Years 132,428 117,557
Three to Five Years 195,530 194,194
Over Five Years 63,656 25,715
Total 452,651 388,170
Total return swaps/options: | Written credit derivatives:    
Carrying Value of Credit Derivatives    
Less than One Year 1,003 238
One to Three Years 59 0
Three to Five Years 75 0
Over Five Years 1 0
Total 1,138 238
Maximum Payout/Notional    
Less than One Year 104,412 76,803
One to Three Years 2,671 2,740
Three to Five Years 1,886 1,477
Over Five Years 578 336
Total 109,547 81,356
Investment grade    
Carrying Value of Credit-related Notes    
Less than One Year 0 0
One to Three Years 0 0
Three to Five Years 3 9
Over Five Years 354 715
Total 357 724
Investment grade | Credit default swaps: | Written credit derivatives:    
Carrying Value of Credit Derivatives    
Less than One Year 0 0
One to Three Years 0 3
Three to Five Years 6 24
Over Five Years 18 16
Total 24 43
Maximum Payout/Notional    
Less than One Year 42,992 35,634
One to Three Years 96,869 87,302
Three to Five Years 144,079 150,225
Over Five Years 51,609 21,482
Total 335,549 294,643
Investment grade | Total return swaps/options: | Written credit derivatives:    
Carrying Value of Credit Derivatives    
Less than One Year 25 93
One to Three Years 2 0
Three to Five Years 0 0
Over Five Years 0 0
Total 27 93
Maximum Payout/Notional    
Less than One Year 63,010 54,041
One to Three Years 1,559 1,288
Three to Five Years 1,264 1,185
Over Five Years 453 238
Total 66,286 56,752
Non-investment grade    
Carrying Value of Credit-related Notes    
Less than One Year 10 5
One to Three Years 1 5
Three to Five Years 24 37
Over Five Years 1,485 1,119
Total 1,520 1,166
Non-investment grade | Credit default swaps: | Written credit derivatives:    
Carrying Value of Credit Derivatives    
Less than One Year 5 33
One to Three Years 151 304
Three to Five Years 714 752
Over Five Years 438 441
Total 1,308 1,530
Maximum Payout/Notional    
Less than One Year 18,045 15,070
One to Three Years 35,559 30,255
Three to Five Years 51,451 43,969
Over Five Years 12,047 4,233
Total 117,102 93,527
Non-investment grade | Total return swaps/options: | Written credit derivatives:    
Carrying Value of Credit Derivatives    
Less than One Year 978 145
One to Three Years 57 0
Three to Five Years 75 0
Over Five Years 1 0
Total 1,111 145
Maximum Payout/Notional    
Less than One Year 41,402 22,762
One to Three Years 1,112 1,452
Three to Five Years 622 292
Over Five Years 125 98
Total $ 43,261 $ 24,604